if its a diamond bit then you must use water , otherwise you will be lucky to drill one hole .
Suggest you try a irwin cordless bit which are a lot cheaper than diamond but are capable of driling porcelain - dry
A little tip. When drilling into floor tile, using the appropriate bit, mark where you want to drill, then with a bit of play dough or plasticine, make a little round well/reservoir around the mark from rolling out the dough for the water to sit in. Now you have water present through the drilling to cool the drill bit.
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